Myths About Partnering With a Commercial Property Management Company

Commercial real estate investors need the help of seasoned property management firms for acquisition, maintenance and successful administration of the property. From inspecting the location to setting up the commercial real estate property for lease to driving optimized benefits from the investment, property managers play a significant role all along.

Read on the find out some common myths about property management firms and the reality behind them.

Myth 1: Professional property management services are an extravagant expense

It is true that hiring a good property management for your office or retail space comes with a cost but the business benefits of the service in the long term is formidable. To start with, property managers take the complete responsibility off the shoulders of the property owner. This allows the investor to stay away from multiple trivial issues and rather focus on expanding the investment portfolio. Additionally, the property management firm brings in enormous cost savings through its strong network of construction and repair professionals.

Myth 2: Hiring a commercial property management firm paves way for loss of control over the building

The commercial property management firm assigns a dedicated property manager (a team in the case of a very huge property) to deal with all the maintenance and administrative tasks of the building but does not interfere with any key decision making processes. It interacts with tenants, determines the tenant mix, helps in leasing as well as in negotiating the leases but ensures that all actions are established only after seeking the due permission of the owner.

Myth 3: Property managers force owners to use the vendor services from their own network only

It is a well-known fact that property maintenance services like repairs, electrical and plumbing activities availed through the property management come at a discounted rate. However, in case of discrepancies in these services and dissatisfaction in terms of quality, the property management firm will be open to renegotiating the services or opting for alternative sources. In any case, the company will not force the building owners to continue with low quality services.

Myth 4: All property management firms are one and the same

Definitely not! The quality of the service delivered by a seasoned and expert property management firm is clearly differentiated in terms of cost savings, efficiency of operations and promptness in responding to owner requirements. Real estate investors are therefore recommended to opt for the best players in the industry and also ensure that the particular property manager assigned to them meets all expectations and works in alignment with the business goals of the investing company.

Myth 5: Only new investors in the field require property management services

An investor with extensive experience may still find it difficult to handle all the financial transactions of a multi-storeyed office building or may struggle with setting up a retail commercial real estate property for lease with the right tenants. Property management services for commercial properties offer a whole range of services to satisfy all types of clients irrespective of their experience and field of work.

If you are looking for commercial real estate management company, the author of this article recommends Madison Properties. Madison’s Property Management approach is such that they help you reach your revenue goals.

Madison’s Property Management approach is such that they help you reach your revenue goals.